1797 PENNY New York Theatre PR64 Brown PCGS. CAC.
D&H-Middlesex-167, Breen-1055, Rulau-E-NY-892, W-9080, R.6.
Copper, 35 mm. Obverse: undated, view of THE THEATRE AT NEW YORK
(Park Theater), with legend around. AMERICA in exergue, JACOBS in
small letters below, curved diecutter's mark at left rim through
THE THE(ATRE), glossy medium-brown sharply detailed surfaces.
Reverse: MAY COMMERCE FLOURISH around, two sailing ships in
distance, dock with cornucopia spilling out a cask, package, and
flora. Anchor and four-paneled square at right. Curved diecutter's
mark at left through dock and waves, MA(Y).
Breen had earlier estimated 10-12 pieces known, but in February
1993 Don Scarinci presented a census of 13 pieces in the
Colonial Newsletter. The legendary John J. Ford Collection
(Stack's, Volume II, 5/2004, lots 327-328) had two of the 13 known
examples of this early and extremely rare penny token. (The piece
is often referred to as a penny because of its size and the
promissory note on the edge.) In the Ford catalog, the Stack's
cataloger wrote:

"There is little dispute about the origin and purpose
of the Theatre at New York token any longer. John Kleeberg showed
definitively in his 1994 ANS study 'The Theatre at New York' that
the token was one of the so-called Conder series popular in Britain
in the 1790's and portrays on its front the Park Theater which
opened in New York City on Monday, January 29, 1798 with a
performance of 'As You Like It.'
"The token is one of the nicest of the Conder series, being struck
on a wide and thick flan. Most known are in higher grades with good
color and reflective fields. They were clearly not admission
tickets, as Kleeberg showed, but rather, were made for collectors,
accounting for their present condition when found. The reverse die
failed fairly early on it its life and most specimens known show
varying stages of buckling ... ."

Although the edge cannot be seen through the PCGS slab, there
appear to be traces of edge lettering present; pieces lacking the
edge lettering are unconfirmed. The edge purportedly reads I
PROMISE TO PAY ON DEMAND THE BEARER ONE PENNY X. Kleeberg has shown
that several catalogers, including Breen, mistranscribed the I on
the edge as a WE (although Dalton & Hamer state it
correctly).
Peter Skidmore struck the Theatre at New York penny tokens in
London from dies engraved by Benjamin Jacob, who issued several
tokens including one for himself in 1798 where he was identified as
an "AUCTIONEER, IRONMONGER & c" at Welsh Cross in Birmingham.
That token and the New York Theatre token were made with hand-cut
letters rather than punches (witness the slightly different style
of the Rs in THEATRE, YORK, and AMERICA). Jacob also did an entire
series of halfpence tokens depicting London churches and gates
based on copperplate engravings. The use of the final S on the New
York Theatre token may signify the possessive Jacob's.
Most known specimens are proofs. This piece shows no signs of
buckling, but it has some diecutter's marks on each side that
provide pedigree identifiers. The strike is bold, but slightly off
from center toward 10:30 on the obverse, judging by the varying
distance between the edge and the beaded inner border. Both sides
are lustrous, with delightful medium olive-brown coloration and
small flashes of blue and pink patina. PCGS has certified two
pieces each in PR64 Brown and PR65 Brown (6/12). For collectors of
Early American, Colonial, and Conder tokens, this penny token
represents a significant opportunity that is unlikely soon to
repeat. Listed on page 78 of the 2013 Guide Book.Ex: 2007 Milwaukee Signature Auction (Heritage, 8/2007), lot
1523, which realized $32,200; Heritage (5/2008), lot 2201, which
realized $40,250.From The Aberg Collection. (PCGS# 90658)